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The global lithium iron phosphate batteries market attained a value of USD 25.69 billion in 2023. The market is further expected to grow at a CAGR of 30.6% in the forecast period of 2024-2032.
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The growing shift towards hybrid electric vehicles and electric vehicles is expected to significantly drive the demand for lithium iron phosphate batteries in the forecast period. Thus, the automotive industry is expected to be a major end use sector, contributing to the growth of the lithium iron phosphate batteries industry. Further, these batteries can be used in a wide range of applications, including RV, marine, and renewable energy, which will also aid the industry growth in the coming years.
The Asia Pacific accounted for a significant share in the lithium iron phosphate batteries industry in 2020 and is expected to provide enhanced growth opportunities to the market over the forecast period as well. This can be attributed to the growth of the automotive sector in the region and the rising disposable incomes. With the increasing pollution levels in countries like China and India, there is expected to be a considerable growth in demand for electric vehicles over the forecast period, which will aid the market. Europe is the other significant region for the industry due to the rising environmental concern and the favourable government policies encouraging the adoption of EVs in the region.
Lithium iron phosphate (LiFePO4) battery, often abbreviated as LFP battery, is a kind of lithium-ion battery, wherein LiFePO4 is utilised as the cathode material while a graphitic carbon electrode with a metallic backing is used as the anode. These batteries are known for their several distinctive features, which include better power density, good consistency, low self-discharge rate, lightweight and small size, long cycle life, and environmental protection.
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By voltage, the market is divided into:
By capacity, the market is categorised into:
Based on industries, the industry can be segmented into:
On the basis of application, the industry has been categorised into:
The regional markets for the product include North America, Europe, China, Asia Pacific (excl. China), and LAMEA.
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With rising environmental concern and the depletion of fossil fuel reserves, there has been a significant rise in demand for electric vehicles. Lithium iron phosphate (LiFePO4) batteries are being increasingly preferred in battery energy storage systems owing to their high energy density and long cycle time, which is driving the market growth. The market is further supported by the favourable government initiatives towards environment protection, which is expected to enhance the investments across renewable energy storage projects across the globe and boost the sales of electric vehicles over the forecast period. Other factors aiding the industry growth include the growing population, expanding automotive sector, and escalating disposable incomes. Over the forecast period, the growing focus on energy storage technologies, coupled with the increasing R&D activities, is expected to further boost the market growth.
The report gives a detailed analysis of the following key players in the global lithium iron phosphate batteries market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Voltage |
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| Breakup by Capacity |
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| Breakup by Industry |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Lithium Iron Phosphate Batteries Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global lithium iron phosphate batteries market is projected to grow at a CAGR of 30.6% between 2024 and 2032.
The major drivers of the market, such as the rising disposable incomes, increasing population, increasing awareness regarding environment, growing adoption of EVs, growing automotive sector, and favourable government initiatives, are expected to aid the market growth.
The key trends guiding the growth of the market include the growing R&D activities and the advancement in energy storage technologies.
The major regions in the industry are North America, LAMEA, Europe, China, and the Asia Pacific (excl. China).
The leading voltage segments of lithium iron phosphate batteries in the market are up to 12 V, above 12 V to 24 V, above 24 V to 36 V, above 36 V to 48 V, and above 48 V;
The major industries in the market are automotive, power, and industrial, among others.
The significant application segments in the market are portable and stationary.
The major players in the market are Bioenno Power, K2 Energy Solutions, Inc., AA Portable Power Corp., Revolution Power Australia Pty Ltd, Dometic Power & Control (Enerdrive) Pty Ltd, Invicta Lithium Batteries, Contemporary Amperex Technology Co., Limited, Automotive Cells Company SE, SVOLT Energy Technology (Europe) GmbH, Enertec Batteries Pty Ltd, Freedom Won (Pty) Ltd, Sinetech (Pty) Ltd., among others.
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+1-415-325-5166
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193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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